This lesson is designed for students to learn about the potential changes to the Child Tax Credit in 2024 and how it could result in larger tax refunds for parents, especially benefiting lower-income families. This overview highlights the role of the Child Tax Credit as a significant financial support for families, focusing on the expected adjustments in the coming year. They will explore how this federal tax policy is designed to reduce tax bills, increase refunds, and potentially expand childcare tax deductions.
The lesson will delve into the details of the inflation adjustment to the tax credit and its implications for family financial support. It emphasizes the necessity for parents to understand the nuances of tax breaks for children and to meet the IRS Child Tax Credit eligibility requirements. This information is crucial for families aiming to maximize government benefits for their children, and it plays an integral role in effective financial planning, particularly for enhancing tax relief among low-income families.
CONCEPTS
Use this video lesson on the topic of the child tax credit. Learn related concepts of:
- Tax Credits
- Financial Planning
- Income Management
- Government Policies
- Saving and Investing
- Risk Management
- Credit and Debt
- Income and Careers
- Income Tax Basics
- Financial Decision Making
- Government Benefits
- Economic Influence
GRADE LEVEL
7-12th grades. High School. College. Adult Education.
TIME REQUIRED
45-60 minutes. Adjust the lesson plan and allocate time to certain topics based on the needs and interests of the students.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have them complete the worksheet. Review the questions on the worksheet. A more comprehensive and detailed lesson plan can be accessed below for further instruction and study.
Child Tax Credit Changes | What Families Need to Know
After watching the video, have students tell what the most important things they learned from the video.
Lesson Plan: Understanding the Changes in the Child Tax Credit
Objective: To provide students with a clear understanding of the Child Tax Credit, its potential changes in 2024, and the impact on families.
Grade Level: High School – Economics or Social Studies
Materials Needed: Access to the “Child Tax Credit Changes | What Families Need to Know” video, writing materials, internet access for research.
Lesson Duration: 1 Hour
Lesson Outline:
- Introduction to the Child Tax Credit (10 minutes)
- Viewing of the video (20 minutes)
- Group Discussion and Q&A (15 minutes)
- Quiz and Review (15 minutes)
1. Introduction to the Child Tax Credit:
- Provide a brief overview of the Child Tax Credit and its purpose.
- Discuss the relevance of tax credits in general and the importance of being informed about tax-related matters.
2. Viewing of the Video:
- Play the “Child Tax Credit Changes | What Families Need to Know” video.
- Encourage students to take notes on key points, especially the potential changes in 2024.
3. Group Discussion and Q&A:
- Facilitate a discussion around the video content. Possible questions include:
- What is the Child Tax Credit, and how does it currently function?
- What are the proposed changes in 2024 and their potential impact?
- How do these changes affect different income groups?
- Why is it important for all citizens, not just parents, to be aware of these changes?
- Encourage students to express their opinions and thoughts on the topic.
4. Quiz and Review:
- Conduct a short quiz based on the video to assess understanding.
- Review the answers and clarify any misconceptions.
- Encourage students to research more on the topic and follow up on the bill’s progress.
Homework/Extension Activity: Ask students to write a short essay on how changes in the Child Tax Credit might impact a hypothetical family based on a given income scenario.
Closure: Summarize the key points discussed in the lesson and highlight the importance of staying informed about tax policies and their impact on individuals and families.
Lesson Resources
LESSON WORKSHEET
Worksheet Quiz
